DEERFIELD, Ill., March 20, 2023 (GLOBE NEWSWIRE) — Surgalign Holdings, Inc. (Nasdaq: SRGA), a global medical technology company focused on elevating the standard of care by driving the evolution of digital surgery, today announced the first major upgrade of the HOLO Portal™ Surgical Guidance System since the first case was performed in May of 2022. Since launch, the Company has worked with surgeons to enhance system functionality and expand use cases in the operating room.
This next generation system from Surgalign includes over 250 enhancements in software, hardware upgrades, and integration with new instrumentation, including over 20 new surgical tools designed for use with HOLO Portal. These improvements were designed to better support open lumbar pedicle screw procedures by adding an array of new pedicle preparation tools and also includes advancements in workflow and setup. The Company expects these improvements to expand the number of cases where HOLO Portal can be used, and to save time in existing HOLO Portal cases.
Terry Rich, President and Chief Executive Officer of Surgalign, commented, “As part of our limited market release of HOLO Portal last year, we worked closely with our surgeon partners to incorporate their feedback from clinical use to advance HOLO Portal’s capabilities. We expect this release to increase the utilization of HOLO Portal among both current and future surgeons, as it better supports screw placement in open procedures, which represents about 80% of lumbar fusions, while providing a better workflow and operating environment. Additionally, we have further upgrades planned which should help drive further adoption in the second half of the year and into 2024 and beyond.”
Dr. Jaideep Chunduri, a fellowship trained orthopaedic spine surgeon at Beacon Orthopedics & Sports Medicine, currently uses HOLO Portal for his procedures at Good Samaritan Hospital in Cincinnati, Ohio. Dr. Chunduri added, “After vigorously testing the software in the lab, I am excited to start using this upgrade in the OR. It will create additional opportunities to use the system for more of my procedures and make my current procedures far more efficient. It was a real pleasure working with fellow HOLO Portal users and the Surgalign team on this release, and it’s great to see such rapid implementation of physician feedback.”
All HOLO Portal customers will receive the upgrade, as HOLO Portal is currently offered with evergreen upgrades of software and hardware. For more information on HOLO Portal and our HOLO AI platform, please visit us online at https://surgalign.com/digital-health/.
About Surgalign Holdings, Inc.
Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital health to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, the company is building technologies physicians and other health providers will look to for what is truly possible for their patients. Surgalign is focused on developing solutions that predictably deliver superior clinical and economic outcomes. Surgalign markets products throughout the United States and in approximately 50 countries worldwide through an expanding network of top independent distributors. Surgalign is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany. Learn more at www.surgalign.com and connect on LinkedIn, Twitter and Instagram.
Forward Looking Statements
This press release contains forward-looking statements including, without limitation, statements relating the intended use of proceeds from the registered direct offering. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from those forward-looking statements include: i) the Company’s access to adequate operating cash flow, trade credit, borrowed funds and equity capital to fund its operations and pay its obligations as they become due, and the terms on which external financing may be available, including the impact of adverse trends or disruption in the global credit and equity markets; (ii) risks relating to existing or potential litigation or regulatory actions; (iii) the identification of control deficiencies, including material weaknesses in internal control over financial reporting; (iv) general worldwide economic conditions and related uncertainties; (v) the continued impact of the COVID-19 and the Company’s attempts at mitigation, particularly in international markets served by the Company; (vi) the failure by the Company to identify, develop and successfully implement its strategic initiatives, particularly with respect to its digital surgery strategy ; (vii) the reliability of our supply chain; (viii) our ability to meet obligations, including purchase minimums, under our vendor and other agreements; (ix) whether or when the demand for procedures involving our products will increase; (x) our financial position and results, total revenue, product revenue, gross margin, and operations; (xi) failure to realize, or unexpected costs in seeking to realize, the expected benefits of the Holo Surgical Inc. (“Holo Surgical”) and Inteneural Networks Inc. (“INN”) acquisitions, including the failure of Holo Surgical’s and INN’s products and services to be satisfactorily developed or achieve applicable regulatory approvals or as a result of the failure to commercialize and distribute its products; (xii) the failure to effectively integrate Holo Surgical’s and INN’s operations with those of the Company, including: retention of key personnel; the effect on relationships with customers, suppliers, and other third parties; and the diversion of management time and attention to the integration; (xiii) the number of shares and amount of cash that will be required in connection with any post-closing milestone payments, including as a result of changes in the trading price of the Company’s common stock and their effect on the amount of cash needed by the Company to fund any post-closing milestone payments in connection with the acquisitions; (xiv) the continuation of recent quality issues with respect to our global supply chain and (xv) the effect and timing of changes in laws or in governmental regulations. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this communication speaks only as of the date of the particular statement.
These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, including market and other conditions and the risks identified in Surgalign’s most recent Annual Report on Form 10-K and other filings with the SEC. Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of Surgalign’s SEC filings may be obtained without charge by visiting Surgalign’s website at www.surgalign.com or the SEC’s website at www.sec.gov. We undertake no obligation to update these forward-looking statements except as may be required by law.
Investor Relations and Media Relations Contact:
Glenn Wiener
Email: [email protected]
Tel: +1 917 887 8434